Quote from: Jimmy_Zed on October 12, 2014, 10:46:02 AM

Quote from: nsimmons on October 11, 2014, 01:46:23 AM

Quote from: nutildah on October 10, 2014, 11:21:05 PM

Quote from: nsimmons on October 10, 2014, 07:03:08 PM

I hear this all the time, what a waste POW is. Its not a waste when compared to physical security requirements. For the price of one rent-a-cops salary I could run 30 miners.

No, it is a waste. Bitcoin mining is the single biggest waste of electricity in the world.

But its not wasted, what is so difficult to understand, it powers the network. This is not using power for the sake of using power.

Idling my car because I'm too lazy to turn the key off is a waste.

Do we get something for all this electricity use? Yes we get bitcoin. If there was zero benefit then it is a waste.

I think what you are really saying is "buy my POS coin I'm heavily invested in".

Actually he is right. Miners have to dump all the mined BTC at the market because they can barley cover the electricity cost, so right now at this point in time - he's statement is correct.

This make no sense at all, because some miners aren't profitable that means the entire bitcoin network is a waste of power?

Whether mining bitcoin is profitable or not, and having pow secure the network are two completely different issues. Plus you make blanket statements like all miners sell all coins..really? Cite your source for every single miner please.

Conflation and confabulation, look them up.

I swear with the shit people make up and believe, combined with the logical fallacies infesting trains of thought I wonder how these people even function at all. I keep thinking people interested in bitcoin are outliers, technically minded, intelligent people. I doubt this more and more every day.